The naira appreciated in the official market on Thursday, strengthening to N1,586/$1 from its previous close of N1,591/$1.
According to data from the Nigerian Foreign Exchange Market (NFEM), the naira fluctuated between N1,584.50/$1 and N1,590.70/$1 before settling at the NFEM rate of N1,586.15/$1.
The Nigerian naira showed notable strength against the U.S. dollar, highlighting the dynamic nature of the foreign exchange market. This came after a decline on Wednesday, followed by Thursday’s improvement.
In the parallel market, the naira recorded mixed performance, holding steady against the dollar while weakening against other currencies.
It maintained its previous close of N1,620/$1 on Thursday. However, it depreciated against the British Pound, falling to N2,150/£1 from its prior close of N2,145/£1.
Similarly, it declined against the euro, closing at N1,795/€1, down from N1,790/€1.
As the naira continues to navigate the foreign exchange market fluctuations, market operators anticipate the Central Bank of Nigeria’s (CBN) continuous support to stabilise the currency.
